If We Use GDP to Measure Our Standard of Living

question 40

Multiple Choice

If we use GDP to measure our standard of living, then our procedure is

• A)accurate because our standard of living depends solely on goods and services.
• B)inaccurate because our standard of living has nothing to do with goods and services.
• C)inaccurate because our standard of living only depends on used goods and services.
• D)accurate only if we use nominal GDP rather than real GDP.
• E)inaccurate because our standard of living does not depend only on goods and services.

---

Definitions:

Republican Party

One of the two major contemporary political parties in the United States, traditionally supporting policies of free market capitalism, fiscal conservatism, and limited government intervention.

Bush V. Gore

U.S. Supreme Court case that determined the winner of the disputed 2000 presidential election.

Precedent

A legal principle or rule that is created by a court decision which provides an example or authority for judges deciding similar issues later.

Justices

Refers to officials appointed to preside over legal proceedings, typically in courts of law, to administer justice.